Your business may be at risk...
But not for the reasons you might think
Here’s the Problem
When one of your employees must provide long-term care for someone at home, it can have a great impact on your bottom line.
You may not notice the cost immediately, but over time it can really add up in reduced productivity due to time off from work, increased mental or emotional fatigue and lowered morale.
Recent studies show that lost worker productivity due to caregiving is currently costing employers between $11 billion and $29 billion annually.
That’s a lot of money, but there are ways to improve the situation that won’t cost you much at all. In fact, you may actually improve your bottom line.
Why should you bother?
First, it costs you a good deal to recruit, hire and train your employees. Once they are up to speed and doing a good job for you, you don’t want to lose them. But, you could, and not because they don’t like you or the job. They might have to provide long-term care to someone in their family, and that could cause problems for them and you.
Here is all you do
Having individual long-term care insurance for parents or grandparents benefits your employees in may ways. They may not have to take time from work, use vacation time or sick days, pass up a promotion, go from full-time to part-time, quit their job or require early in order to care for other family members.
When the employee and his or her family members have LTC insurance, you, the employer, could also benefit. If the employee does not have to take time off to render care, or does not have to work 20 to 30 hours per week outside of work providing care to a family member, the impact on both you and the employee will be greatly reduced.
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